These are the stocks moving after the bell on March 22, 2023.
Chewy’s fiscal fourth quarter net sales of $2.71 billion beat Wall Street estimates of $2.68 billion. Adjusted earnings per share for the period came in at 16 cents. The company’s stock is under pressure in after-hours as active customers came in at 20.4 million, down 1.2% compared to the same period last year.
“We believe the modest sequential decline in active customers reflects the continued softness in discretionary spending experienced across the broader economy, as well as the residual impact of attrition from our 2020 and 2021 cohorts,” stated the company’s shareholder letter.
Chewy’s guidance also sees its 2024 adjusted EBITDA margin coming in flat to down 50 basis points year-over-year.
“Our fourth quarter and full year fiscal 2022 results cap an incredible year. Against the backdrop of a rapidly changing operating and economic environment, Chewy produced record-high revenue, profitability, and free cash flow,” Chewy’s CEO Sumit Singh said in the company’s earnings release.
KB Home (KBH)
KB Home’s stock soared in after-hours following the builder’s latest quarterly results. The company posted 2,788 deliveries, above estimates of 2,678. KB Home raised its full year housing revenue to come in between $5.20 billion and $5.90 billion versus previous expectations of $5.00 to $6.00 billion.
“Our revenues were at the high-end of our guidance range and we outperformed both our operating and gross margin expectations. In addition, we further expanded our book value per share, which grew to $44.80, up 27% from a year ago,” Jeffrey Mezger, CEO of KB Home, said in the company’s earnings release.
Mortgages for 30-year fixed rates recently fell for the first time in five weeks amid banking uncertainties. Lower borrowing costs for homes typically spurs buying demand.
“As we entered the spring selling season during the quarter, we began to see an increase in demand. This reflected in part the targeted sales strategies we deployed, together with a stabilizing mortgage interest rate environment,” said Mezger.
Ines is a senior business reporter for Yahoo Finance. Follow her on Twitter at @ines_ferre
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Source: https://finance.yahoo.com/news/stocks-moving-in-after-hours-chewy-kb-home-232149238.html